The Tax Blog keeps you up-to-date with all additions and changes to the JH Business Services & Taxation website.

2 February 2016, Overdue tax returns

There may be a number of reasons why you didn’t file a tax return last year or for multiple years.  Being behind on your tax returns can cause a great deal of underlying stress. We have prepared tax returns for multiple outstanding years for many clients. We helped taxpayers with more than ten years of overdue tax returns, all in one go. So if you’re behind with one or more years of tax returns don’t hesitate to contact us. The ATO is very clear that you have to lodge a tax return for each year that you received any income. The ATO does not just forgive and forget. And the trouble is, if you ignore old late tax returns, you might be end up receiving costly ATO penalties and interest. We can help you sort that out. The sooner you get on top of your obligations to the Australian Tax Office the better. One of the immediate outcomes is that peace of mind can be restored when one’s financial affairs are in order.  In addition, you may be due a tax refund and the sooner you receive this the better.

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15 January 2016, Tax audit

The possibility of being selected for a taxation audit is increasing each year as the Australian Taxation Office (ATO) widens the scope of its audit activity. However, the likelihood of being targeted for a tax audit is highest among those whose tax returns reveal that: They have made apparently large or unusual claims, particularly in respect to work-related expenses or rental properties. Their declared income is below the average for their industry or occupation. Their deductions, or their ratio of deductions, are above the average for their industry or occupation. There is a discrepancy between the dividend and interest payments declared in their tax returns and those provided by financial institutions. The ATO may also obtain information from other sources (including from questionnaires sent to tax payers on specific topics) that raises suspicion of some form of non-compliance warranting audit action.

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15 January 2016, Business tax planning

Good tax planning needs to make financial sense, be consistent with overall business objectives and not run foul of either specific or general anti-avoidance provisions of the tax legislation. To be really effective, tax planning should be an ongoing process, starting preferably at the beginning rather than end of a financial year, and focusing on both tax strategies and legal structures.

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11 January 2016, Corporate insolvency

If you are involved in a business that is showing signs of trouble, react quickly. This will dramatically increase your business’s chance of survival. You, together with the business’s shareholders or directors, must consider the situation objectively. Should you continue trading, or stop trading and put an action in place?

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11 January 2016, Personal insolvency

Today, personal insolvency is an undeniable issue. Finding yourself in financial difficulties can place significant pressure on your health and relationships. Heed the warning signs and take the requisite steps to regain control as early as possible.

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11 January 2016, ATO accepts credit card payment

ATO introduced credit card payment option for tax debts from January 2016. Now you can pay your tax payments using Visa, MasterCard and AMEX Card. Paying your tax debt using your credit card is not ideal situation for most of us. However, this gives us some relief if you are hard pressed for tax due date. ATO charges credit card payment fee. Charges can be deductible on certain situations. Claiming a credit card, or charge card, payment fee as a deduction

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8 January 2016, Cloud accounting

It is inevitable that the future of business IT is in the cloud. Major players such as Xero, Myob and QuickBooks are actively promoting their online accounting systems. Many business owners are making move to cloud accounting. This new cloud accounting is changing service relationships with accountants. Anyone with access authority can access accounting files on online. Rather than working with backwards-looking data you can work with your accountant with more up-to-date basis with a focus on decisions and information.

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6 January 2016, Questions you may ask about us

Questions you may have about before considering JH Business Services & Taxation as your tax accountant. Here are some of question our client ask us on initial meeting.

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6 January 2016, Large accounting firm

Should you engage with a big prestigious accounting firm to do your accounting and tax?Obviously, there are many advantages and disadvantage between the big and the small. Here are two biggest reasons why you should choose a small accounting firm rather than a large accounting firm?

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15 December 2015, Terms of engagement

Updated terms of engagement for JH Business Services & Taxation clients. This firm will provide Accounting services, which will be conducted in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB).

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24 June 2015, 2014/15 key tax changes

The 2014/15 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2014/15 financial year.

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24 June 2015, Tax Rates

Quick reference to Australian income tax rates. This tax help & tax tips website page contains current tax rates and thresholds.

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25 July 2014, CPA Tax Checklists

CPA tax checklist from CPA Australia.

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1 July 2014, Tax Rates

Quick reference to Australian income tax rates. This tax help & tax tips website page contains current tax rates and thresholds.

Permalink -- click for full blog post "Tax Rates"

1 July 2014, 2013/14 key tax changes

The 2013/14 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2013/14 financial year.

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25 March 2013, CPA Tax Checklists

CPA tax checklist from CPA Australia.

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22 March2013, Accounting Services - Financial Reporting

The financial statements consist of the Balance Sheet (Statement of Financial Position) and the Profit & Loss Statement (Income Statement). The Balance Sheet shows snap shot of business as at the end of financial day’s assets, liability and equity of the business. The Profit & Loss Statement shows the revenue and expenses for a period (usually 12 months). The Statement of Cash Flows reports on a business’s cash flow activities for a period. Most non-reporting entities (small business) are not required to produce the Statement of Cash Flows.

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22 March 2013, Fringe Benefits Tax (FBT) Return Preparation

Every employer who provides fringe benefits to their employees (or their associates) must prepare and lodge an FBT return. The FBT is a tax paid on payments to employees other than wages or salary. The FBT applies to all business structures such as sole trader, partnership, trust and company.

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20 March 2013, Strategic Taxation Planning and Compliance

Before start of each new financial year, it is essential to review your tax position for the financial year ending now and for the new financial year starting. The Government always amended or introduced new tax law, new rebates, abolished previous rebates, special one-off tax concessions and new tax scales each year. Compiling new tax forms each year have never been same.

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20 March 2013, BAS & IAS Lodgment Service

Businesses use an activity statement to report and pay a number of tax obligations, including GST, pay as you go (PAYG) instalments, PAYG withholding and fringe benefits tax. Activity statements are also used by individuals who need to pay quarterly PAYG instalments.

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20 March 2013, Our Average Prices Guide for Individual Tax Preparation Fees

The range for an individual tax return is from $110 for a basic return, to over $1,500 for complex returns which include investment properties, shares, capital gains etc. We do not use a fee structure that's based on a percentage of your tax refund.

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19 March 2013, Tax Consultation Service

We provide tax consultation service. We have listed some of the specific tax issues you might like to clear before you do anything.

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8 March 2013, Sole Trader charges and fees

Overall you are looking at total $330 for small to $1,500 for large sole trader business. Average you are looking $330 to $1,500 per annum. Initial start-up or small number of transaction sole trader business charge may be lower than $330. For new engagement the price will be quoted before commencement of work.

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25 February 2013, Sole Trader accounting and tax return

There is no special legal accounting or recording requirements. The only administration system required is an accounting or bookkeeping system that produces a statement showing business revenue and expenses, and the profit or loss.

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25 February 2013, Sole Trader set-up

This is the cheapest option to set-up and the easiest to administer business.

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6 March 2013, Trust fees and charges

The price will vary depending upon the level of business activity in the trust and the quality of your record keeping. However we price is generally between $550 for small to $3500 for larger trust.

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6 March 2013, Trust income tax advantages and capital gains

The trust property may be used to generate income or capital gains, giving rise to tax obligations. Generally, the trust's net income is taxed in the hands of the beneficiaries based on their share of the trust income.

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6 March 2013, Reporting and lodging trust return

The trustee is responsible for managing the trust's tax affairs, including registering the trust in the tax system, lodging trust tax returns and paying tax liabilities arising from assessments made to them.

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6 March 2013, How to set-up trust

You need to consider carefully before you set-up a trust. What type of trust do I need? Who is going to be trust, beneficiaries, settler and etc. 

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25 February 2013, Partnership charges and fees

Overall you are looking at total $330 for small to $2,000 for large entity. Average you are looking $700 to $1,500 per annum. Initial start-up or small number of transaction partnership charge may be lower than $330. For new engagement the price will be quoted before commencement of work.

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25 February 2013, Partnership accounting and tax return

Unlike companies, partnerships do not have any special legal accounting or recording requirements. Of course it is good practice to keep proper accounting records for taxation purposes.

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25 February 2013, Partnership set-up

Even though it is not compulsory, we strongly recommend set up a Partnership Agreement in writing before you start the partnership business.

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25 February 2013, Company annual preparation of financials & tax return fee

Overall you are looking at total $550 for small to $3,500 for large fund. Average you are looking $1,500 to $2,000 per annum. Initial start-up companies or inactive company charge may be lower than $550. For new engagement the price will be quoted before commencement of work. 

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25 February 2013, Company Registered Office

The company’s registered office and principal place of business must be a physical address in Australia. If notices are served to the company, they will be delivered in person, or by post to the physical address. It cannot be a Post Office address. 

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25 February 2013, Company Housekeeping

All company officers must make sure that the company attends to some basic ‘housekeeping’ matters. The directors remain ultimately responsible for the company’s compliance with the Corporations Act.  

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25 February 2013, Company financial records and Annual Tax

As a director, the law makes you personally responsible for keeping proper company records.  

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25 February 2013, How to set up company

Decide on the name you want to call the company. You can reserved with ASIC with a Form 410. If you want upgrade from a sole trader business name you are currently using, you can use the name as long as you own the business name. You can simply add PTY LTD on the existing name.

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21 February 2013, How to set up trust

How to set up Discretionary Trust and Unit Trust.

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21 February 2013, SMSF Fees & Charges

How much do you expect to pay to manage your SMSF.

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21 February 2013, SMSF Reporting and Administration

All SMSFs need to lodge an SMSF annual return to ATO each year which must report income tax, super regulatory information and report member contributions. All SMSF have to pay the ATO supervisory levy when lodging income tax return.

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21 February 2013, Paying Benefits to Members

The payment standards contained in the super laws, the sole purpose test and the preservation rules, ensure money in your SMSF is paid to members only when they are legally allowed to have it. Conditions of release are the events your member needs to satisfy to withdraw benefits from their super fund.

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21 February 2013, Running a Self-Managed Super Fund

You need to ensure that your fund’s ownership of its investments is secure. Your fund’s assets should be held in a legally recognised ownership arrangement. The assets to be in the names of all of the individual trustees or in the name of the company as trustee for your fund in the case of a corporate trustee.

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21 February 2013, SMSF contributions

These are contributions made by an employer under a law or an industrial agreement for the benefit of a fund member.

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20 February 2013, Taxation of SMSF

Super funds, including SMSFs, receive significant tax concessions as an incentive for members to save for their retirement. However, you need to follow the tax and super laws to receive these concessions. Generally the taxable income of a complying superannuation fund is taxed concessionally at the rate of 15%. The taxable income of a non-complying fund is taxed at the rate of 46.5%. Non-complying funds also lose various other concessions available to complying fund.

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20 February 2013, DIY Superannuation Fund Trust Deed Set Up

For your fund to be an SMSF it needs to meet several requirements under the super laws. The requirements are different depending on whether your fund has one of the following:

• a corporate trustee
• individual trustees
• a single member.

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19 February 2013, SMSF Audit & Fee

New requirement came into effect from 2010 on audit of SMSF. The auditor of SMSF is no longer able to provide services to the SMSF as a tax agent, accountant or financial advisor or administrator.

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18 February 2013, Entity set up fees, new entities and administration

The total Company set up fee is made up of the following: -1.    ASIC Registration Fee: $433.00 2.    Legal Document Fee by lawyer: $137.50 3.    Accountant Fee including time spent re purchase of Company, Application of Tax file number, ABN, PAYG Withholding, GST registration and general advice: $440.00  

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15 February 15, Individual tax return

Our services for personal individual tax returns for all those with simple to more complicated tax affairs.

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28 November 2011, Bookkeeping-Services

Have you considered subcontracting your accounting and bookkeeeping rather than employing a full-time accountant?  We can take the hassles away and would appreciate the opportunity to assist your business. We mainly work offsite but we can come to your business premises for your convenience in regular basis.

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12 July 2010, Tax Rates

Quick reference to Australian income tax rates. This tax help & tax tips website page contains current tax rates and thresholds.

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12 July 2010, Sitemap of Tax-Accounting-Help-Tips.com

Site map of Tax-Accounting-Help-Tips.com website. You will be able to navigate this tax help & tax tips site faster by going directly to your tax topic by clicking the hyperlinks.

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12 July 2010, Tax tips and key tax changes

End of financial year key tax changes. This tax tips & tax help website contains tax guide on key tax changes. These tax tips may assist you to maximise your tax refund.

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12 July 2010, How do we charge?

North West Sydney based accounting practice focused on helping small and medium businesses, professionals and investors. Our fee is charged on hourly rate.

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12 July 2010, 2010-11 tax rates

2010-11 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2010-11 tax rates"

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12 July 2010, 2009/10 key tax changes

The 2009/10 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2009/10 financial year.

Permalink -- click for full blog post "2009/10 key tax changes"

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5 January 2010, Our Office Location

Our business office locations and contact details for JH Business Services & Taxation.

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5 January 2010, Business equipment finance comparison

Lease, hire purchase agreement and chattel mortgage comparison table. Which one of the business equipment finance gives you maximum tax deductible benefits? In the comparison you will also be able to work out which finance will be suitable for your business.

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5 January 2010, Chattel Mortgage

Chattel mortgage is identical to commercial hire purchase agreement. Key difference lies in ownership and may claim full GST credit if your business is on cash accounting basis for BAS.

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5 January 2010, Hire purchase

Hire purchase agreement is one of the most common form business finance used for purchasing business equipments. A very flexible finance where you can customise deposit amounts, terms of loan and balloon payment.

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5 Jannuary 2010, Lease

Lease is a rental agreement in which you obtain the rights to possession and use of the property in return for a series of rental payments.

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5 January 2010, Business equipment finance

As a business owner, the way you finance your business equipment purchases can have a significant impact on your business profit. You can either choose to lease, hire purchase or chattel mortgage.

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16 December 2009, Disclaimer

Disclaimer

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11 December 2009, Taxation and tax planning

North West Sydney based accounting practice focused on helping small and medium businesses, professionals and investors. We guarantee to prepare your tax return as if it were our own.

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9 December 2009, Tax tips on advantages and disadvantages of each business structures

Tax effective business structures – Tax tips and tax help on advantages and disadvantages of the 4 main business structures used by small businesses.

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9 December 2009, Self Managed Super Funds (SMSF)

North West Sydney based accounting practice focused on helping small and medium businesses, professionals and investors. We help set up self managed super fund (SMSF).

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9 December 2009, Financial reporting

North West Sydney based accounting practice focused on helping small and medium businesses, professionals and investors. We prepare your business’s financial reports.

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9 December 2009, Business growth

North West Sydney based accounting practice focused on helping small and medium businesses, professionals and investors. We help with your business growth.

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9 December 2009, Tax Tips

End of financial year tax tips. Tax tips & tax help are designed to alert you to the most important issues in preparing income tax returns and help you maximise tax refund.

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9 December 2009, JH Business Services & Taxation

North West Sydney based tax & accounting service practice focused on helping small and medium businesses, professionals and investors.

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9 December 2009, 2009/10 tax rates

2009/10 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2009/10 tax rates"

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9 December 2009, 2008/09 financial year tax tips

Some basic tax tips that could assist the average salary and wage earner or small business operator prepare their income tax returns for the 2008/09 financial year.

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9 December 2009, 2008/09 tax rates

2008/09 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2008/09 tax rates"

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9 December 2009, 2008/09 key tax changes

The 2008/09 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2008/09 financial year.

Permalink -- click for full blog post "2008/09 key tax changes"

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9 December 2009, 2007/08 financial year tax tips

Some basic tax tips that could assist the average salary and wage earner or small business operator prepare their income tax returns for the 2007/08 financial year.

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9 December 2009, 2007/08 tax rates

2007/08 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2007/08 tax rates"

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9 December 2009, 2007/08 key tax changes

The 2007/08 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2007/08 financial year.

Permalink -- click for full blog post "2007/08 key tax changes"

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9 December 2009, 2006/07 financial year tax tips

Some basic tax tips that could assist the average salary and wage earner or small business operator prepare their income tax returns for the 2006/07 financial year.

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9 December 2009, 2006/07 tax rates

2006/07 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2006/07 tax rates"

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9 December 2009, 2006/07 key tax changes

The 2006/07 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2006/07 financial year.

Permalink -- click for full blog post "2006/07 key tax changes"

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9 December 2009, 2005/06 financial year tax tips

Some basic tax tips that could assist the average salary and wage earner or small business operator prepare their income tax returns for the 2005-06 financial year.

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9 December 2009, 2005/06 tax rates

2005/06 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2005/06 tax rates"

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9 December 2009, 2005/06 key tax changes

The 2005/06 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2005/06 financial year.

Permalink -- click for full blog post "2005/06 key tax changes"

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9 December 2009, 2004/05 financial year tax tips

Some basic tax tips that could assist the average salary and wage earner or small business operator prepare their income tax returns for the 2004-05 financial year.

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9 December 2009, 2004/05 tax rates

2004/05 tax rates. Useful quick tax tips & tax help reference to Australian tax rates.

Permalink -- click for full blog post "2004/05 tax rates"

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9 December 2009, 2004/05 key tax changes

The 2004/05 key tax changes. Tax tips & tax help for preparing your income tax returns for the 2004/05 financial year.

Permalink -- click for full blog post "2004/05 key tax changes"

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8 December 2009, Corporate secretarial services

North West Sydney based tax & accounting service practice focused on helping small and medium businesses, professionals and investors. We can help set up companies.

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DISCLAIMER: The contents of this website contain general information only. It is not provided as tax, accounting and legal advice. Professional advice should be taken before any course of action is pursued or any information relied upon. All the data and information including the images are provided by JH Business Services & Taxation. They are not to be copied or reproduced or published in any format whatsoever.